New Commercial Insurance Product to Cover Cannabis and Hemp Business from Seed to Sale
BRENTWOOD, Tenn., Feb. 9, 2021 /PRNewswire/ — SafeHerb, a division of Specialty Program Group, is introducing a new commercial insurance product that will provide a full suite of insurance protection for the cannabis and hemp industries. SafeHerb’s Cannabis & Hemp Insurance provides “seed to sale” coverage, in-house loss control services, and claims are handled by Avant Specialty Claims.
“We have created a product that offers plant-touching businesses a full package policy including property and liability. A unique feature of our program is our ability to enhance the entire insurance experience from application to claim,” says Kramer Hendricks, CIC, Director of SafeHerb. “There is limited coverage on the market right now for those in the industry, and the packages that are out there often don’t offer comprehensive coverage for companies in both the cannabis and hemp sectors.”
The SafeHerb coverage includes:
- General Liability
- Product Liability
- Equipment Breakdown
- Indoor Crop loss or damage
Unlike the coverage currently available, the SafeHerb products cover both cannabis and hemp businesses from cultivation to distribution. They will offer coverage to:
- Cultivators – Indoor, outdoor, and greenhouse
- Processors – Harvest, process, quarantine, and test
- Manufacturers – Product development and manufacturing
- Wholesalers – Selling to retailers and distributors.
- Transporters – Services with approved classification
- Dispensaries – Retail operations
- Laboratories – Stand-alone or a large-scale operation
- Property Owners – Lease, sublease, and property exposure.
Seed to Sale Insurance
The coverage is underwritten by Obsidian Insurance Group, which has an A-(“Excellent”) A.M. Best rating. “It’s surprisingly challenging to get this kind of coverage,” says Craig Rappaport, CFO/COO of Obsidian. “SafeHerb has shown a great understanding of the full spectrum of this industry to produce a package of coverage tailored to their needs.”
The coverage comes at a time when the cannabis and hemp industries are experiencing dramatic growth. “This is the fastest growing industry in America and a once in a lifetime opportunity to get involved early,” says Hendricks. “The majority of the U.S. population now lives in states where marijuana has been legalized. Thirty-six states plus Washington D.C. have medical marijuana laws, and 15 states plus Washington D.C. have recreational marijuana laws. Those involved in these fast-growing industries must have the protection they need to meet escalating customer demands for the medical and recreational uses of these products.”
SafeHerb coverage is available in all 50 states, plus Washington, D.C., through the company’s exclusive network of agents. For more information or to become a SafeHerb appointed partner, go to SafeHerb.com
SafeHerb, division of Specialty Program Group, LLC, provides comprehensive property-casualty protection for those involved from seed to sale in the cannabis and hemp industries. SafeHerb offers tailored, comprehensive risk solutions through an “A-” AM Best rated carrier, Obsidian. For more information or to become a SafeHerb appointed partner, go to SafeHerb.com.
About Specialty Program Group
Headquartered in Summit, NJ, SPG focuses on expanding program underwriting and specialty businesses. For more information, visit www.specialtyprogramgroup.com.